It was very obvious that the price of ECC would go up, so it went down. Anyone familiar with markets, such as stock markets, would not be surprised by this.
Important rule of thumb:
If too many people know that something will happen, then it will not happen.
It is important to understand this.
This happens over and over again in the stock market.
The reason the rule works: When it is obvious that something will happen, people try to profit from it. By doing that, they prevent it.
In ECC's case. It was
too obvious that the price of ECC would go up when the PoW phase ended, so it went down. (Look back at the posts in this thread and see how obvious it was too many people.
) People planned to accumulate their during the PoW phase, but not later. May planned to sell ECC for a quick profit as soon as the PoW phase ended. So when the Pow phase ended, many people stopped buying and the demand went down. Many people tried to sell, so the supply went up. Low demand and high supply caused the price to go down. Now there are many people holding ECC who didn't really want to keep it. They thought they could sell it for a profit, but they can't, so they don't know what to do. Some will sell for a loss so they can try to make money some other way. Some will hold out to break even, but they might have to wait a long time. Some people who thought they might hold onto ECC will become depressed by the low price decide it was a mistake and sell. It will take a long time for ECC to overcome this selling pressure.
I am waiting for the time when it becomes obvious that ECC is doomed and the price will never go back up, because then it will.
